Edit: you guys can see some full movies free & legit at www.rajshri.com such as Raja Aur Runk (Sanjeev Kumar, Ajit) and Suraj (Rajendra Kumar, Vyjayanthimala, Ajit, Shankar Jaikishan & Mohd Rafi).
Ajit: There is no actor greater than he. Only equal to him at best. I liked his positive performance Mughal E Azam (need to see Naya Daur). The audience easily emphasizes with him because his emotions appear so genuine. I can never tell he's acting - he appears so natural. His ability to play positive & negative roles so well attest to his versatility. Ajit is very stylish and detailed in his facial expressions & gestures - yet he never overdoes it so you know it is acting. That voice of his had such a prescence. One of my favorite scenes with Ajit is the recording of
Tum Nahin Ya Hum Nahin (click on title for youtube clip) and I use this short scene as a mere sample to illustrate. He does full justice to Kishore's powerful resounding booming voice. Kishore loves to play around in his songs (roll the r or the last words of lines in comedy, express his inimitable personality) and Ajit matches his expressions & gestures every single word so stylishly, precisely, and perfectly. Examples are When Jeetendra walks into the song - the look on Ajit's face is priceless (1:43 of clip). 3:22-3:25 is hilarious with Ajit-KK antics! When Kishore sings "Tujme itna dham nahin HAAAA" as Kishore rolls that HAAA - watch Ajit's face & hands at 3:40. At 4:02 once again the look of fear & surprise is authentic, not overdramatic but perfect. So much detail & style in a short clip! Who else but Ajit could have done justice to this song? He had the presence of a hero in the clip! An popular hero like Rajesh Khanna does a good job of acting out a song but he often misses the fine details to Kishore's songs. A lot of heroes have acting talent but too much isn't demanded out of them because they get the benefit of the doubt with hype, fanship, and good looks. The villains get it tougher. Ajit didn't have the looks of a hero but there was never an actor better than he. Ajit's name on the credits is a big motivator for me to watch a movie. I really miss him. He could do parody very well too (with villains) - would love to see his comedies if he has any! When he expresses the frustration, jealousy, and wickedness of a lazy middle class worker in Jeevan Mrityu - we can easily see it in real life!
Pran - One of the greatest actors of all time. What a sharp contrast of the powerful, merciless Lalaji in Gopi (1970) to the poor, honest man in Don (1978) whom everyone genuinely sympathized with! Some wrongly overlook his versatility. His voice was genuinely scary and Lalalji was one example. Whereas Ajit's raspy voice sounded wicked, Pran's voice was menacing & and immediately scary. Thing is, whereas Amirsh Puri occasionally overdid it (see Krishn Kanahaya with Anil Kapoor), Pran always appeared natural. He is the most realistic, real life villain that I imagine running into. He could come to my house to collect tax or throw me out, he could be my boss, etc. Whereas Amjad Khan's Gabbar was my personal favorite and there may be a Gabbar out there - you are more likely to run into Pran's villain in typical everyday life than with Gabbar. Pran had the perfect talents for that kind of villain that he could play best. There is one small drawback with Pran's voice: it was so deep that he couldn't modulate his voice well. He could the sorrow of a poor man and the cruelty of a landlord perfect - and his voice did follow, but the voice did not modulate itself as well as his emotions. Ajit's voice did not have that trait so he could modulate it better. I rate Ajit & Pran about equal.
Prem Chopra - he was an excellent villain but not in the same league as the two above. He was not as versatile. Prem Chopra's voice could not express the many hues of cruelty as Ajit or Pran.
Premnath - Haven't seen him as an actor but I've heard this name linked to Madhubala and a comedian I like Rajendranath.
Ranjit - 3rd class villain by himself. Although for playing the villain's son or an accessory - he is first class! In the movie Chor Sipahee with Rafi-Kishore duet "Bade Maze Se Guzar Jayegi Yeh Zindagi..." he is the opposite villain to Vinod Khanna & Shashi Kapoor and he just doesn't provide enough menace or opposition for that kind of star power. He appears as a weak villain by himself. If it had been Amjad Khan and him playing the son - that'd be perfect.
Amrish Puri (Mogambo) - One of my favorite characters but this was obvious parody with that blonde hair. Mogambo made you laugh - he didn't genuinely scare you. In that god awful, trite movie Krishn Kanaya with Anil Kappor - he overacts and you can tell he is acting whereas Pran in "Ram or Shyam" does it perfectly. Amrish Puri perfectly played the father in Dilwale Dulhania Le Jayenga, expressed perfectly love for his wife as he himself sang so well the legendary song from Waqt and yet he was also a domineering father. Very realistic, very genuine. The comedy Mujse Shaadi Karogi or the hit Pardes - Amrish Puri played real life people very well. He is one of my favorites, he is first class, but he may be just a shade below Ajit or Pran IMO.
Shakti Kapoor - tier 2 villain, great comedian.
Amjad Khan - Once again, there is no actor better than Amjad Khan, only equal at best. My single favorite villain in all of Hindi cinema is indeed - Gabbar Singh. He was the star of Sholay. It's unfortunate his health deteriorated due to medication after an accident on Bombay-Goa road in 1976. That did to a limited extent, take away from his full abilities. Amjad Khan could be really funny (Qurbani) too! He could genuinely play the good guy (was it Yaarana?). And what a presence he had! I love Ajit & Pran but even they would not have played Gabbar as nearly as Amjad Khan. I rate these three equal.
Anupam Kher - As a villain, he is awful. As a comedian or actor - he can only support.
Paresh Rawal - Great comedian! As a villain, he's OK. Definitely not first class.
Gulshan Grover (Bad Man) - one of my favorite modern villains. But he was ALWAYS a parody (VERY entertaining) and so he never scared you. Even in Dus, he was a parody & caricature - see that beard? I sincereley believe he is a very capable & great (not good -great) actor. What a personality! One of my favorite performances from him was the unnoticed movie "Dil Maange More" with Shahid Kapur.
Ajit ; Pran ; Amjad Khan overall are the best. Amjad Khan was my favorite for a single performance.